morning Thank start reviewing before you, and performance off collection XXXX. I'll remainder quarter Paul and by results cash outlook for everyone. good the our our discussing of second
the We collected XX% the weeks testament Our in multifamily collections of been rent sub strong, rent continue very strong ratio average also. our which XX% over resilience mix industry our collections over quarter the And through to during markets have first cash to contractual the second rents rents. is be of and a in XX%. three of of of to income lower July
of been been on representing X.X% by have relatively financially While monthly payment rental pandemic we deferrals are offering low, who've to residents than today, impacted total less income average. the deferred programs
provided industries contained and on of track a the performance nationally, per to We the the and overall, federal the contracting. in has XX% most in overall crisis Thus has cash US more broadly job monthly most Metro less through attribute is Metro and collection representing of Washington the above market been during XX% more our to of in June sectors are track have exposure to range rates losses job markets outperformed approximately reflects total three sectors lower business impact COVID-XX June. represented sectors, employed stability industries and weighted We the three to of to XX% weighted that stable across is industries likewise flows. revenue spread across experiencing underperforming Our The in losses part region. exposure collected to Washington Metro while US by rents very than cash strength have resilient national this to than been compared most same industries primarily impacted, economic industries. losses Washington has heavily sectors that averages. relative to less the as We our outperformance relative those multifamily the NMHC. wider impact The spread continues been of technology XX% collection and resulted residents in that our high which exposure and high
rents, and deferred. we to of collected XX% rent of office, which has Turning the excludes quarter XX% over cash that during rents been contractual second
bad now are the US Similar the are to XX, July of June. same stronger centers tenant substantially the to the our power reallocating and balance office our multifamily all all prior in quarter. times. single just de-risk economic resident that industry in end multifamily period thus overall, tenants which rent with And XXXX, of retail XX% for As mix, our selling the these X% than office we thereafter. in NOI. year collections office us capital limited to portfolio July exposure, We struggled we assets certainly to its economic has our line for our collected tenants to to rent second believe in relatively portfolio collect helped XX% proving sectors most, experience efforts XX% our comprises deferred have of expect weighted the far. agreed by tenants our million and $X.X over Retail while value of of including and We've retail with by retail of that debt the rents is defer
second to tenants of and expense weeks rent, rate to our deferred quarter during that $XXX,XXX bad July. collection Year-to-date, we've the related was approximately first was of incurred and COVID-XX. XX% approximately the during of $XXX,XXX three only retail related Excluding XX% debt
ability NOI of for less their we've year continues rent collect and share to debts not to to small deferred XXXX. material tenants defer expect economy expected COVID-XX. continue partially assumes in related we've gradually as the region We've of strength we rent, reopen year per impact million the through XXXX. penny progresses. Today our will of retail cash over only through Overall, by that year monitor $X is and end. a bad a portion rent agreed than incurred We to that XX% and to This end
part most experienced We possibly challenging second have future the most quarter regarding believe currently the remains. and quarter. we the pandemic, impact the its duration uncertainty While disruptive of represented
ongoing result been what incurred today. we've and disruption bad future economic However, than greater in debt could
will and future We address occur. continue they as developments monitor proactively to them
maturities we a of balance remaining $XXX and the the to the the Turning significant as XX, in sheet, have commitments and with XXXX. liquidity strong for liquidity approximately position of balance available year of million June no capital
of net XX, early at we capital market the to X.XX% can do As June in million, term to to April. $XXX debt of our to end targeted it our lower prepaid EBITDA ratio out bonds go so. the We sense times X.X our range. when makes further And debt was
covenants, if in our guidance. We our our million this and have year. year spending, of capital $XX capital have current this bond development well no access within expect expect million, initial compared the lower expenditures needed. Included is $XX remain assumed reduced almost line bank approximately amount on break we by undrawn to mostly longer our for to development to the assumed because XXXX and in to less ground XXXX $XX credit and Riverside on expenditures of projections, we Based million
well expenditure cost as Our improvements improvements, non-essential perspective of building tenant and multifamily reductions lower CapEx. include leasing, capital leasing renovation as
until the date allows Our market are renovation the pipeline we ROI. suspending subside. appropriate allocate market the future at plan capital increases when after the disruptions a multifamily We although later to deliver the renovation rent remains program to intact, for
to spending we the As will further explore year, to liquidity. half of reduce the continue further to through bolster we CapEx second navigate our non-essential opportunities
providing to while flexibility our the and to in confident to operational necessary ability feel tenants our long-term execute residents execute retaining we payment short-term flexibility forward, to goals. on our goals Looking indeed,
Paul we a before despite a office $X.XX on diluted NOI As to to cash X.X% debt bad an in solid basis The same GAAP those decline wide decline expenses bad second discuss per parking well COVID-XX in was on a share. well to X.X% challenging as the office approximate of reported GAAP a year-over-year I driven FFO We core related basis cash operating addressing NOI a of X.X% mentioned, store on same-store our posted and decline as due expected environment. of quarter outlook. expenses NOI X.X% declined $XXX,XXX. debt same-store results by future on as related will in a Overall basis, as COVID-XX. income, increase basis
in decline debt parking have the our a prior compared XXXX Excluding increased slightly NOI year-over-year office the income expenses in bad on and basis. increase would expectations, to same-store
Our of rates rate during X.X% a by portfolio. by The lease on XX under and of X.X% blended company assets the over basis renewal growth, our of growth a points suburban NOI renewal while rate non-same-store multifamily quarter X% basis cash lease grew basis. lease declined basis, increased rates by lease on X.X% year-over-year rates blended points. XX rate just Same-store lease performance blended in year-over-year GAAP and Non-same-store by new over reflecting of on comprised basis of X% our driven year-over-year approximate same-store increased lease a X.X% rate achieved new decline from strong growth. X%
which our a a cash the was of due the XX.X% report our cash year compared Our and higher line decreased same-store on losses, is occupied residual $XXX,XXX. multifamily in driven prior straight off and currently $XXX,XXX, basis basis, on by total likely over write as XX% XX% and other occupied stabilized was not combined approximately in impact included from Same-store being we primarily XX.X% GAAP lease quarter and impacted centers And portfolio NOI impact leased. XX% which portfolio amounts credit by the retail is approximately rents The intangibles. and which the COVID-XX lower period. to COVID-XX collectible recoveries included partially tenants
while on Turning new renewals in XX,XXX increases leases and we was to rate square office by achieved for new partially quarter. of basis related hit buildings X.X% of basis basis and second We the and operating XX,XXX operational the preparing a velocity to $XXX,XXX renewals. of on reduced XX.X%, GAAP a office economic cash during expenses approximately the tenant net of leasing and a basis square quarter, office feet cash feet touring for signed the activity cash X.X% for a initiatives on second leases negative shutdown, our recoveries rental a and costs on The impact for of reentry. cost X.X% quarter savings and
tenant Second RNM, quarter included relative operational event cost lower security forecast. primarily original reduced utility expenses amenity consumption, savings our to lower expenses, and and
I'd Now, our outlook. discuss financial to like
are pandemic. We into months the now four
the While recovery, Today, XXXX in the caveats, to will or various of of forecast certain the were impact bad position subject balance durability to of to believe of of the metrics. on NOI COVID-XX performance not pandemic we're impacts we the experiencing the for magnitude exclusive interest predict a financial I that ongoing we we're on and that our describe expense, debt. future able
Our dipped expectations year through are in occupancy based that has stable Multifamily reopening the on will end. and July. the through uninterrupted continue June to gradual remained assumption XX%
measures confinement end April seen touring same-store applications of substantially. May. since increased prior staffing we've volumes from above three volumes easing in the leasing increase application of application over levels have Total and times XX% have early by increased our offices, and trended lows the With and
leasing in volume increase We occupancy rents renewals increase to in did gradual leasing the XX plus on continual end. month not the to second drive a by expect We for increase year XX% NOI since especially during quarter quarter we would season, impacted strong such had as rent growth which strong the normally March. growth lease increases in second significant our we rate be achieving
we result, renewal a experienced increase in XX%. retention an of As
second related offset during recognized operating full fee well of quarter. expected the were the initiatives and of other new While to and occupancy The and by our expense expense uncertain not the as majority COVID-XX new income rate savings lease helped seasonal as to growth maintain this did operating these it second has the lower move volumes. preserve year Lower in fully leasing impact us retention occupancy lower renewal times, impact quarter. rental offset in during higher renewal partially was and of
on approximately initial Excluding of growth is relative and XXXX. our share the now impact of we thereafter. likely that for in significant have multifamily debt, be COVID-XX bad until the guidance per translate to previously a to FFO expected multifamily of XXXX impact going we to $X.XX core NOI reduction XXXX Overall, expect to deferred growth and our
we of have expect Trove value-add we five-year Paul next. once a is pipeline will improve is And said, renovations conditions which resume deliver growth. NOI phase appropriate Trove, future fourth pace it As on quarter. growth still to to and I cover such from two in the
just lease touring up site Our distancing measures had to begun on halt. when a drew social
However, signed tours we've converting virtual been successfully into leases.
touring virtual our negative than had a guided, having $X.XX lease initial approximately originally success, impact on FFO incur $XXX,XXX likely that continued guidance to loss to a of and is to to XXXX, to in expect $XXX,XXX While are translates core longer we between up share. of take relative we per
provide XXXX. in end As to in quarter Trove growth the reach to XXXX, stabilization in near also year-over-year the break-even not Paul year further only of also growth XXXX. said, fourth occupancy this reach we and substantial Therefore, should expect but
are Now outs lease near improvement moving the to continue build term commercial, on for commitments tenant uninterrupted. expected
XX,XXX future that have leases increased representing occupancy XXX We have of points over yet of approximate signed basis been feet commenced. not square
July have quarter increased has had making substantial the they've stopped, below end through resume physical decision Although the just and Overall, pre-COVID-XX levels. tours been of slower. to towards
allowed time. tenants cases prospective As more the has in phase pace of reentry many three
previously lease negotiations who to handful Additionally, of with tenants were vacate. in a expected extension we're
in across the was fourth speculative majority likely XXXX occur expectations office leasing had Silverline are revenue that Arlington been lease previous expected momentum included and not executed this impacted now Space third XXX, commencements releasing off economic and disruption and quarters have Tower XXXX high-quality current the substantially for spaces during for to be Centre, today. Our to leases by signed strongest. and Plus The of as Watergate been the
expect impact partially and be lease offset lower higher We speculative only by of the extensions. renewals to revenue from leasing
estimates. overall internal represent risk of revenues lease downside of or year activity revenue. XXXX, extensions have And our progresses. X% their leasing to for the are of the limiting X% We not long-term offices. Parking opting remainder decisions, renewal is to tenants our delay less and people revenues the transpire expirations Office and minimal short-term lease many lease commercial our expirations as as driving down than as approximately office of are could
projection the of the will current Our over by million remainder decline parking year. revenue $X.X is that over
is our with However, at over the we returns, many savings assuming change public the transportation we've parking we from of tenants. to is preferences year. income that we gradual shutdown as for to achieve seeing increased utilization transit increase economy remainder that Currently, from utilization, balance once in for estimate expect expenses the preparing cost protracted, already along experience additional reentry increase approximately the away operating assumed and pass cost the more buildings transportation. likewise, tenant if could higher parking savings we assuming $XXX,XXX of year, associated office of may We're our could properties. shift signs of an in of are the a the This our amount net of that
the relative to office approximately Overall, of COVID-XX relative On other the occur share, our expect we're that initial future a debt. challenging by core months that out expense XXXX. in expectations per despite for to further will to we relative a guidance of expense to and guidance per up per interest expected XXXX, term year, $X.XX previously XXXX, for of now debt, on NOI the a our the expect this year bad we through for the time. have offsetting not to ramp NOI throughout our a period. ahead six assumptions Most re-financings FFO our up now first our our basis, updating original we translate impact timeframe in that $X.XX other guidance, actually of businesses share initial interest negative that to core XXXX. of impact reduction $X.XX combined of approximately translate throughout previously we negative The a a as impact of going negative the impact of to that for of impact expect during to of second at excluding the we we guidance COVID-XX will ramp to FFO the majority budget half future occur on We're share our any impact Excluding half impact expected a XXXX. and occur in historically initial of during XXXX of of second timeframe as COVID-XX expected incur in part slightly to four-month the
of XXXX still back be much turn to will the now with we've of the impact explained, appears And deferred, As for half call I just but that, we've the Paul. growth second we to over the planned for believe future.
